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Covid-19 Business and Financial Planning Grant

By November 17, 2020 November 18th, 2020 General Business, News

We are delighted to inform you that our Director Gary Laverty here at Exchange Accountants is now an approved Consultant to assist you with the COVID 19 Business and Financial Planning Grant.

What Is the Business and Financial Planning Grant?

Designed for micro, small and medium sized businesses in Northern Ireland that are INVEST NI Customers, or operating in manufacturing, construction, professional services, information and communication or science and technology. This grant provides financial support to work with a consultant like us to assess the impact of COVID-19 and develop a strategic recovery plan with financial forecasts.

What is available?

  • Reviewing the current business model
  • Carrying out a comprehensive business health check
  • Determining how to minimise costs and maximise liquidity
  • Identify funding shortfalls and potential sources of funding
  • Develop a strategic recovery plan with financial forecasts

Are You Eligible?

There are a few criteria you must meet to be eligible for this grant:

As a micro and small or medium-sized business, you are eligible if:

  • Your business operation is based in Northern Ireland.
  • You employ less than 250 full-time equivalent staff.
  • Your business has an annual turnover not exceeding £42.5 million and a balance sheet total not exceeding £36.5 million.
  • Your business has a turnover of at least £500,000 in one of the three most recent financial years, prior to 31 December 2019.
  • Your business experienced a reduction in turnover in excess of 40% as a direct result of the COVID-19 pandemic.
  • You are an existing Invest NI customer or a business operating in one of the following Standard Industrial Classification (SIC) sectors.
    • manufacturing
    • construction
    • information and communication
    • professional, scientific and technical activities

How to apply

The BFPG is open for applications. Please read the detailed guidance notes (PDF, 452K) before you submit an application.

You can use the online eligibility checker to find out if you can apply for the grant.

Eligibility Checker

Making an application

You will need the following information to complete the online application form.

  • Your business name.
  • Your contact name and number.
  • Your business address and postcode.
  • The date you established your business in Northern Ireland.
  • Number of people you employ in Northern Ireland.
  • The financial year-end, annual turnover and balance sheet total of your business.
  • Your company registration number (if applicable) issued by Companies House, beginning with NI followed by six numbers, for example NI123456.
  • Consultant undertaking the work and agreed fee (further detail below).

You will need to provide electronically:

  • Signed company accounts to verify your business has a turnover of at least £500,000 in one of the three most recent financial years, prior to 31 December 2019.
  • Management accounts or accounting system extracts for April to June 2019 and April to June 2020, as evidence to demonstrate you have had a 40% reduction in turnover as a direct result of the COVID-19 pandemic.

Approved consultant

Invest NI has compiled a list of approved consultants (PDF, 438K) with experience in business planning, financial modelling and assisting businesses to raise capital.

If you are eligible please select to work on your project.

Applications are open now but only until 5pm on Monday 30th November so please get in touch with me as soon as possible at gary@exchangeaccountants.com if you would like to know more about this process.

I look forward to assisting you further

Gary Laverty

Director and Approved Consultant

Exchange Accountants